Northern Oil and Gas, Inc. Forecasted to Post FY2024 Earnings of $5.18 Per Share (NYSE:NOG)

Northern Oil and Gas, Inc. (NYSE:NOG) – Stock analysts at Capital One Financial increased their FY2024 earnings per share (EPS) estimates for shares of Northern Oil and Gas in a report issued on Wednesday, April 17th. Capital One Financial analyst P. Johnston now forecasts that the company will post earnings per share of $5.18 for the year, up from their prior forecast of $5.16. The consensus estimate for Northern Oil and Gas’ current full-year earnings is $5.43 per share.

Northern Oil and Gas (NYSE:NOG) last posted its quarterly earnings data on Friday, February 23rd. The company reported $1.61 earnings per share for the quarter, missing analysts’ consensus estimates of $1.64 by ($0.03). Northern Oil and Gas had a net margin of 42.61% and a return on equity of 40.86%. The company had revenue of $543.40 million for the quarter, compared to the consensus estimate of $555.31 million. During the same period last year, the business earned $1.43 EPS. The firm’s quarterly revenue was up 21.9% on a year-over-year basis.

NOG has been the topic of several other reports. Truist Financial cut their target price on Northern Oil and Gas from $56.00 to $55.00 and set a “buy” rating on the stock in a research note on Friday, April 5th. Piper Sandler increased their target price on Northern Oil and Gas from $38.00 to $42.00 and gave the company a “neutral” rating in a research note on Friday. Raymond James cut their target price on Northern Oil and Gas from $51.00 to $45.00 and set a “strong-buy” rating on the stock in a research note on Wednesday, January 24th. Bank of America downgraded Northern Oil and Gas from a “buy” rating to an “underperform” rating and set a $39.00 target price on the stock. in a research note on Friday, January 5th. Finally, Stifel Nicolaus dropped their price target on Northern Oil and Gas from $54.00 to $52.00 and set a “buy” rating on the stock in a research note on Tuesday, January 23rd. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $47.00.

Northern Oil and Gas Stock Performance

Shares of NOG opened at $42.50 on Friday. The business’s fifty day simple moving average is $38.00 and its two-hundred day simple moving average is $37.18. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.90. Northern Oil and Gas has a 12 month low of $29.57 and a 12 month high of $43.64. The company has a market cap of $4.29 billion, a price-to-earnings ratio of 4.23 and a beta of 1.86.

Institutional Investors Weigh In On Northern Oil and Gas

Institutional investors and hedge funds have recently bought and sold shares of the business. Quarry LP bought a new stake in Northern Oil and Gas during the second quarter valued at about $31,000. TFO Wealth Partners LLC raised its holdings in Northern Oil and Gas by 112,100.0% during the fourth quarter. TFO Wealth Partners LLC now owns 1,122 shares of the company’s stock valued at $42,000 after acquiring an additional 1,121 shares during the period. Principal Securities Inc. bought a new stake in Northern Oil and Gas during the fourth quarter valued at about $42,000. Captrust Financial Advisors raised its holdings in Northern Oil and Gas by 1,349.4% during the second quarter. Captrust Financial Advisors now owns 1,145 shares of the company’s stock valued at $29,000 after acquiring an additional 1,066 shares during the period. Finally, SRS Capital Advisors Inc. raised its holdings in Northern Oil and Gas by 305.9% during the fourth quarter. SRS Capital Advisors Inc. now owns 1,230 shares of the company’s stock valued at $46,000 after acquiring an additional 927 shares during the period. 98.80% of the stock is owned by institutional investors.

Insider Activity at Northern Oil and Gas

In related news, insider James B. Evans sold 3,150 shares of Northern Oil and Gas stock in a transaction on Tuesday, April 9th. The stock was sold at an average price of $42.00, for a total transaction of $132,300.00. Following the transaction, the insider now directly owns 73,753 shares in the company, valued at $3,097,626. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Nicholas L. O’grady sold 3,750 shares of Northern Oil and Gas stock in a transaction on Thursday, April 4th. The stock was sold at an average price of $40.98, for a total transaction of $153,675.00. Following the transaction, the chief executive officer now directly owns 228,082 shares in the company, valued at $9,346,800.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider James B. Evans sold 3,150 shares of the firm’s stock in a transaction dated Tuesday, April 9th. The shares were sold at an average price of $42.00, for a total value of $132,300.00. Following the sale, the insider now directly owns 73,753 shares in the company, valued at $3,097,626. The disclosure for this sale can be found here. Over the last three months, insiders have sold 10,944 shares of company stock worth $436,614. Corporate insiders own 3.20% of the company’s stock.

Northern Oil and Gas Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 30th. Investors of record on Thursday, March 28th will be given a dividend of $0.40 per share. The ex-dividend date is Wednesday, March 27th. This represents a $1.60 annualized dividend and a yield of 3.77%. Northern Oil and Gas’s dividend payout ratio (DPR) is presently 15.94%.

Northern Oil and Gas Company Profile

Northern Oil and Gas, Inc, an independent energy company, engages in the acquisition, exploration, exploitation, development, and production of crude oil and natural gas properties in the United States. It primarily holds interests in the Williston Basin, the Appalachian Basin, and the Permian Basin in the United States.